Alnasiri: we need a plan to prevent financial collapses

9/30/2015 0:00

BAGHDAD - Hussein al-Tamimi Tgb
Set new standards for the classification of private banks in accordance with international standard criteria forefront of reform of the banking sector operations awaited by the size of a lot of work, and we have to be a level of responsibility in dealing with him (according to an expert in financial matter)

A member of the Baghdad Economic Forum Samir Alnasiri: The banking sector reform processes required to develop a plan to address the financial collapse experienced by some private sector banks due to lack of current liquidity conditions and harmed financially and physically, especially in hot areas affected by terrorism, as well as the adoption of new financial monetary policy lead to comprehensive reform and restructuring government banking and private sector.

He stressed in an interview for »morning« on the development of information technology and banking technology and modern in all its forms with a focus on disclosure and transparency of financial statements for banks and customers, and the adoption of instructions and mechanisms that contribute to the development of human banking resources and in particular the protection of banking leadership competencies as economic expertise national, thus contributing to the stability and development of the banking business.

Alnasiri urged the importance of the reform processes include the creation of investment funds and the contribution of banks in which to finance large and strategic projects, and focus on increasing credit and finance, soft loans and activation of employment deposits in the aspects of investment and reconstruction and advancing the process of economic development.

And called for activating the role Government in building a strategy for the development of micro, small and medium enterprises and the development and construction of the mechanics and Adkhh the private sector to actively participate so that they can be transformed from continued government sector to partner head and then to the commander of the market.

He urged activating the supervision and control of pre-emptive electronic banking and supervision in accordance with the preparation and issuance instructions and regulations, guidelines and a new executive, as well as the development of contexts and mechanisms for coordination between financial and executive two policies.

And the protagonist the importance of reviewing controls selection of members of the boards of Directors and Commissioners and define the duties of the Council of planning and non-interference in the executive management of the banks and to focus on economic specialization and the banking experience for members and reduce the number of its members to 5 members only and the adoption of advisers and experts, bankers specialists to supplement the Council's executive management advice and expertise.

He pointed to the need to amend the laws governing the banking business and of banks Law (94 of 2004) and the Central Bank Law (56 of 2004) as well as the Iraq Stock Exchange Act (74 for the year 2004) and the Law on Money Laundering (93 of 2004) as well as investment, as amended Act (13 of 2006) and the Companies Act (21 of 1997).

He urged to take the banking sector role in contributing to economic development and contribute to the diversification and development of other non-oil resources, a goal the bank CBI as the influential and the expeditious thing that made ​​us usher good government program and in particular the false axis Thirdly and private encouraging the shift to the private sector and paragraph (d) thereof identify tracks and mechanisms for public development banking.

And the need to make great efforts of relevant government authorities with the banking sector public and private for the diagnosis of the current economic situation and overcome the challenges and obstacles to repair and develop and propose the foundations and strategies actor to build introductions and features of the transition from the banking to the developmental role through the process all the mistakes and lapses in economic construction during the four years coming with identifying paths of success and achieve the goals, according to the runway in the government program .

Alnasiri said: We have not touched a clear change in the banking field of work over the past year the Central Bank of Iraq has led to the preparation of his plan in order to develop sound foundations to raise the rate of monetary policy applications and the development of the Iraqi banking sector and support a manner that achieves the false government program and achieve the stated package of economic reforms which emphasizes the development of new methods for economic reform that begins to reform the banking because without sound banking sector can not build a sound national economy.

Indicate financial statistics for 2014 that the total assets of 225 trillion dinars (204) trillion dinars to the government banks, offset by 21 trillion dinars to the private banks, while the total capital is estimated at 9 trillion dinars, of which 7 trillion dinars to the private banks, and (2) trillion dinars to the State-owned banks make up 23 percent of the total capital, and the total deposits of 75 trillion dinars 86 percent to the government banks with 14 percent of private banks.